Dubai – Mubasher: Nakheel Properties on Tuesday denied reports circulated on social media regarding tenant rental agreements at The Night Market on Deira Islands, labelling them as “misguided and unfounded.”
“We are proud of, and committed to, The Night Market, which was created specifically to encourage young Emiratis into business,” the state-owned real estate developer said in a statement.
The real estate firm noted that it will continue its efforts to support youth by exercising fairness and flexibility with a number of initiatives to assist those who booked space at the project.
The company stated that rent reductions will range between 30% and 50%, and young investors will enjoy three month’s free rent followed by instalment plans.
Investors also have the option to sublease, and the ability to transfer units post signing, the statement added.
“With the project nearing completion, we have recently written to tenants - with reminders where necessary - requesting them to sign their lease,” Nakheel point out.
Night Market was launched in 2014, comprising up to 5,300 retail and restaurant units that have been reserved by UAE traders.
Spanning over 15.3 kilometres, the project is considered the world’s biggest night market.
